Vide  notification  No. 69/2020 –Central  Tax,dated30.09.2020,  the  due  date  for furnishing of the Annual return for the FY 2018-19 was extended till31.10.2020.

On recommendation of the GST Council, the due date for filing annual return FORM GSTR 9/GSTR 9A and Reconciliation Statement FORM GSTR 9C has been extended from 31.10.2020 to 31.12.2020, according to press release by CBIC.

It is also to be noted that filing of Annual Return (Form GSTR 9/GSTR 9A) for 2018-19 is optional for taxpayers who had aggregate turnover below Rs. 2 crore. Also filing of Reconciliation Statement In FORM GSTR 9C for FY 2018-19 is optional for the taxpayers having aggregate turnover upto Rs 5 crore.

Notification to give effect to this decision would follow.

Also Read : Income Tax Extension For FY 19-20

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Changes in Rule 36(4) 

The limit for taking input tax credit on eligible invoices the details of which has not been uploaded by supplier has been reduced from 20% to 10% . Now only 10% ITC of uploaded invoices will be allowed for not uploaded invoices.

This provision will be applicable from 01.01.2020.Invoices on or after 01.01.2020 would be covered under this new rule.

New Rule 86A- Conditions for utilizing Input Tax Credit

The proper officer may restrict the facility of utilizing your credit available in Electronic Credit Ledger if

1. The credit has been taken without actual receipt of goods or services.

2. The supplier is found to be non existent from any place of business for which GST registration is taken by him.

3. The recipient is found to be non existent from any place of business for which registration is taken.

4. The tax in respect of such invoices has not been paid to the government .

5. The invoices on the basis of which Credit has been claimed is not in possession of the person claiming such credit.

Read Also : CBIC Notifications for Changes

Upon hearing if you satisfy the officer that conditions as specified above are no longer valid, he may allow the use of such amount in credit ledger.

The facility to utilize the credit will be initiated after the expiry of one year from the date of such restriction

Read Also : ITC FORMS IN GST

Changes in GST Waybill Rules

In rule 138(E) , earlier only GSTR3B is required to be filed by the taxpayers for generating waybill. Now this condition has been extended. Now If GSTR3B or GSTR1 are not filed for two consecutive tax periods waybill shall be blocked.

In short, GSTR3B and GSTR1 must be filed for the generation of waybill from the GST portal.

Late fees waiver and levy on GSTR1

As a one time measure, if your GSTR1 has not been filed for any tax period from July 17 to November 2019, you can file GSTR1 from 19.12.2019 to  10.01.2020 without any late fees.

After 10.01.2020 , late fees shall be applicable for filing late GSTR1 . Amount of late fees will be Rs 50 or 20 per day subject to maximum of 10000 as the case may be.

Quoting of DIN mandatory

CBIC has made it mandatory for quoting DIN on every communication, notices, summons etc issued to you the tax officers including emails communication .

This is done to maintain record and audit trail of the communications and validate authenticity of such notices, summons etc.

GST E Invoice

GST E invoices will be mandatory for you from April 2020 if your turnover exceeds 100 Crores for B2B transactions.

If turnover exceeds 500 Crores printing of QR Code will also be required on invoices.

Read Also : GST NEW RETURN 

GSTR9 and GSTR9C date extension

The due date to file GSTR-9 , GSTR-9C , GSTR-9A for FY 21017-18 has been extended till 31.01.2020 and for FY 2018-19 till 31.03.2020.

CHANGE IN POLICY FOR NON FILERS

To improve the compliance , CBIC has issued SOP for filing of GSTR-3B. As per the procedure :

• A system generated SMS will be sent to the you for reminding to file GSTR-3B  3 days before the due date.

• Immediately after the due date is passed if you failed to file GSTR-3B , SMS will be sent again to remind you of non filing.

• After 5 days of passing of due date , GSTR-3A notice will be issued requiring to file GSTR-3B within 15 days of GSTR-3A notice.

• If you failed to file return within 15 days , proper officer will assess your tax on Best Judgement basis taking into account the details in GSTR1 , Waybill , etc.

• The order will be issued in GST ASMT 13 and summary will be uploaded in DRC07

• If you file the valid return within 30 days of such order the proceedings will be deemed to be concluded.

• If you failed to file the returns even after 30 days , recovery proceedings will be initiated against you as per the provisions of Act.

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The much awaited utility for GSTR9C and GSTR9C new form  – The audit and reconciliation statement for FY 2017-18 has been updated in Gst Portal.

GST Council it its recent meeting also extended the due date for filing GSTR9 and GSTR9C for FY 17-18 from 31.12.2019 to 31.01.2020.

Read Also : GST COUNCIL BIG DECISIONS

CBIC in Notification has made various simplification if Forms GSTR 9 and GSTR9C by making various fields optional for taxpayers .

Some of the fields in GSTR9C new form were also made simple along with change in Certificates by substituting new words.

In GSTR9C new form for FY 17-18 and 18-19 , Table no 5 for Reconciliation of Gross Turnover all the adjustments may be now done in Table 5O instead of giving breakup in Table 5B to 5N.

In GSTR9C for FY 17-18 and 18-19 , Columns of Table 12 regarding Reconciliation of Itc was made optional. 

Table 12B , ITC booked in earlier FY claimed in Current FY was made optional.

Table 12C , ITC booked in Current FY claimed in subsequent FY was made optional.

The most important Table 14 which required breakup of expenses on which ITC is claimed and declared in GSTR9 was also made optional .

In the certificates the requirement of Cash Flow Statement is now required only for those who have maintained it as per the existing law. It is made optional for persons who have not prepared cash flow statement to upload it int he portal .

The Auditor may give a True and Fair view on the basis of audit subject to certain observation . Earlier True and Correct view was required which increases the liability of auditor.

In Form GSTR9 , the change which was done is the columns has been made optional and no new format is required for the same. Only the filing process will change . If amount if not available for certain column then that column may be left and figures can be inserted in other columns as per the notification.

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(1) Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an ANNUAL RETURN (GSTR-9) for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December following the end of such financial year.

(2) Every registered person who is required to get his accounts audited in accordance with the provisions of sub-section (5) of section 35 shall furnish, electronically, the annual return under sub-section (1) along with a copy of the AUDITED ANNUAL ACCOUNTS and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year with the audited annual financial statement, and such other particulars as may be prescribed

Also Read:

1) GST Audit Limit and Due Date for filing Audit Report
2) Reverse Charge Mechanism and Its Accounting Treatment at Year End.

Rules Regarding Filing of Annual Return

(1) Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a nonresident taxable person, shall furnish an annual return as specified under sub-section (1) of section 44 electronically in FORM GSTR-9 through the common portal either directly or through a Facilitation Centre notified by the Commissioner: 

Provided that a person paying tax under section 10 shall furnish the annual return in FORM GSTR-9A. 

(2) Every electronic commerce operator required to collect tax at source under section 52 shall furnish annual statement referred to in sub-section (5) of the said section in FORM GSTR -9B. 

(3) Every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner.

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